Brad Gerstner

Right, the end of pre-training.

We're overbuilding.

This is about a year and a half ago.

And you said, inference isn't going to 100x, 1,000x.

It's going to 1 billion x. Mm-hmm.

Which brings us to where we are today.

You announced this huge deal.

We ought to start there.

Yes.

You knew that last year, but is your level of confidence this year in the inferences going to 1 billion X and where that will take the levels of intelligence?

Is it higher?

Are you more confident this year than you were a year ago?

It really brings us to kind of the seminal moment this week that everybody's talking about, the massive deal you announced a couple of days ago with OpenAI Stargate, where you're going to be a preferred partner, invest $100 billion in the company over a period of time.

They're going to build 10 gigs.

And if they used NVIDIA for those 10 gigs, that could be upwards of $400 billion in revenue to NVIDIA.

So help us understand, just tell us a little bit about that partnership, what it means to you, right?

And why that investment makes so much sense for NVIDIA.

One of the things you said there that's really interesting to me is kind of they're going to be –

high-probability, multi-trillion-dollar company in your mind.

You think it's a great investment.